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BMW 3-Series (E90 E92) Forum
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M3 - £355 plus vat lease per month
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02-24-2013, 12:30 PM | #23 |
The Tarmac Terrorist
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Is that legal Gizze?
I want one! |
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02-24-2013, 01:19 PM | #24 |
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I don't know, I have been doing it for 15 years.
Once set up all they care about is getting their money each month. It is my company that I put it into, I don't say I work for some random company!! |
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02-24-2013, 01:24 PM | #25 |
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Can you PM exactly what you mean/how you do it?
Cheers mate. |
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02-24-2013, 02:38 PM | #26 |
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It is really very simple.
Go to the dealer/broker and give them the business name, set it all up in the business name and then pay the deposit on your personal card. Also give them your personal bank number for the payments each month. Then you don't even put it through your books at work, you simply pay it. Don't even mention it to the accountant if you don't want to. The only reason they say business users is because they advertise it without the vat. Many will do it for personal use as well, they simply add 20% vat to the amount, but often the manufacturer wants it for business' only, so if you try and apply personally it can get turned down. |
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02-24-2013, 02:54 PM | #27 |
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Bmw are currrently doing 0% finance deals on new M3`s.
However the frozen versions are sold out. They are doing the Limited Edition 500 as well which appears to be a better buy! I have been out for a test drive this weekend and am seriously considering the upgrade ! I don`t think the deals you have quoted are available to non business users.
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02-24-2013, 02:59 PM | #28 | |
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http://www.contracthireandleasing.co...w/m3/12149460/ These guys will do it for personal too. |
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02-24-2013, 03:13 PM | #29 | |
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Last edited by gangzoom; 02-24-2013 at 03:19 PM.. |
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02-24-2013, 03:45 PM | #30 |
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He will be paying the VAT, the lease company will always add the VAT to the rentals, the company then in some instances can reclaim VAT but only 50% of the amount.
Advertising it this way just makes it look a bit cheaper and more attractive. |
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02-24-2013, 03:57 PM | #32 |
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Personally I wont be claiming the vat. The deposit & monthly payments can come out of my business bank and the payments will go down as wages so nothing dodgy. As long as the entry goes in the right column on the spreadsheet I cant see a problem. I think i only get a % of the vat for my phone as not all of the calls are business. That's how finely tuned my accounts are. I know my accountant wouln't put it down as a business expense & I wouldn't expect them to either.
Details emailed so fingers crossed but i'm half expecting to be told they have all been allocated. |
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02-24-2013, 04:08 PM | #33 | |
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At the very worst case, the BIK should be the tax difference between what a business pays (in this case, £399) and what a private individual would need to earn (gross) to pay the tax on that theoretical allowance, plus the VAT. So, in terms of conversational numbers; the business pays £400. A private individual pays £480 (£400 + the Vodka and Tonic). In order to nett £480 a 40% tax payer would need to earn circa £800. Therefore a fair BIK should to pay tax on the £400 benefit (difference between cost to business and cost to indivdual) one is receiving (i.e. £160)
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02-24-2013, 04:10 PM | #34 | |
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02-24-2013, 04:18 PM | #35 |
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The figures quoted are for Business Users
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02-24-2013, 04:35 PM | #36 | |
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It is not tax avoidance, it is simply doing it properly. If you do claim the vat back though you will have to assign it to someone as a company car, unless it can be proved it is only ever used for company use and within company time, outside of company hours it has to be left on company property too. So, trying to claim back £35.50 worth of vat will cost you £869 in benefit in kind tax, so obviously just pay it yourself. |
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02-24-2013, 04:36 PM | #37 |
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02-24-2013, 04:38 PM | #38 | |
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02-24-2013, 04:39 PM | #39 | |
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Buy a car at a 5 years old and you still pay BIK on list price. |
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02-25-2013, 03:04 PM | #40 |
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Ordered one today, finance approved, I will speak to supplying dealer tomorrow, its such a great deal it was rude not to.
Basically Frozen Silver, Competition Pack, DCT+, EDC, lowered, Black wheels, carbon stuff, fancy steering wheel, black bits outside all in for 6+35 8k miles for £475 a month (including vat). |
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02-25-2013, 03:32 PM | #41 | |
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What worries me slightly is I have no debt, no Mortgage, don't use credit cards & pay for everything as I get it so I "could" look bad credit wise. If I get declined then it's plan B.... http://www.autotrader.co.uk/classifi...1500?logcode=p or very similar The BM is the "sensible" choice but I will be more than happy with either. Daughter just passed her test today & I have given her a 4k budget to get a car so it's exiting times here at the mo car wise. |
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02-25-2013, 03:37 PM | #42 |
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So, £3500 on insurance and £500 for a car??
Have you had a quote for a car with her passed? I was shocked at the difference, £1200 for my daughter when she was learning, just under £4000 when she had passed! |
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02-25-2013, 03:52 PM | #43 | |
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Infact, she has just brought the laptop up to me & she is looking at a Citroen C1 for £3.7k & insurance of £1106. Havent verified she has entered all the insurance questions correctly but I'm quite happy with that. She will pay the insurance at about £120 something over 10 months. She's 19 BTW. Just asked/checked & this is with my Mrs as the main driver who has no NCB either as they are all allocated to me for the 1 car we have & one of the reasons for this car is because if I get the GTR my Mrs. wont pilot it so she will be the main driver of the C1 and the same will probably apply if we get the M3. If it was just my daughter they just said it woul be £2k Hope this makes sense. On my 3rd beer. |
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02-25-2013, 03:54 PM | #44 | |
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